Oswal Pumps Limited has submitted its quarterly monitoring agency report for the quarter ended December 31, 2025, prepared by ICRA Limited as the appointed monitoring agency. The report covers the utilization of proceeds raised through the company's Initial Public Offer conducted in June 2025. ICRA Limited confirmed no material deviation from the objects of the issue, with all utilization proceeding in line with the disclosed purposes in the prospectus.

IPO Details and Proceeds Structure

The company's Initial Public Offer was conducted from June 13, 2025, to June 17, 2025, involving the issue of 22,595,114 equity shares of face value INR 1 each. The total issue size aggregated to INR 1387.34 crore, including an Offer for Sale (OFS) portion. The net proceeds available for monitoring amounted to INR 890.00 crore, with net proceeds as per prospectus totaling INR 841.514 crore.

Quarterly Utilization Progress

During Q3FY26, Oswal Pumps Limited utilized INR 24.263 crore across various objects of the issue. The cumulative utilization reached INR 550.362 crore, leaving INR 339.638 crore unutilized from the total net proceeds of INR 890.00 crore.

Deployment of Unutilized Funds

The company has deployed its unutilized proceeds totaling INR 361.211 crore across various fixed deposits and bank accounts. The funds are primarily invested in fixed deposits with Axis Bank and State Bank of India, earning returns ranging from 6.25% to 6.40%. The total market value of these investments as of December 31, 2025, stood at INR 362.387 crore, including earnings of INR 1.176 crore.

Implementation Timeline and Compliance

ICRA Limited confirmed that all objects remain on schedule with no delays reported. The implementation timeline spans FY26 to FY27, with most objects targeted for completion within FY26. The monitoring agency verified that all government and statutory approvals related to the objects have been obtained, and technical assistance arrangements are operational.

General Corporate Purpose Utilization

Under the General Corporate Purpose category, the company utilized funds for various operational requirements including loan repayments, bill discounting payments, and vendor payments. Major utilizations included repayment of loans from Citi bank (INR 27.800 crore), payments for bill discounting through SBI (INR 49.863 crore), and payments to subsidiary Oswal Solar Structures Private Limited.

The monitoring report confirms the company's adherence to regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with ICRA Limited providing objective oversight of the proceeds utilization process.

Oswal Pumps Limited has delivered robust financial performance in Q3FY26, demonstrating strong growth across key metrics. The company, which specializes in manufacturing and exporting submersible pumps, centrifugal pumps, solar water pumps, electric motors, and submersible cables, reported significant improvements in both standalone and consolidated results for the quarter and nine months ended December 31, 2025.

Standalone Financial Performance

The company's standalone results showcased impressive growth momentum during Q3FY26. Revenue from operations increased substantially, reflecting strong demand across the company's product portfolio.

The company's profit before tax reached ₹934.81 millions in Q3FY26, compared to ₹799.72 millions in the corresponding quarter of the previous year. This growth was achieved despite an exceptional item of ₹18.52 millions related to the impact of new labour codes implemented by the Government of India.

Nine-Month Performance Analysis

The nine-month performance further reinforced the company's strong operational efficiency and market position. Total income for the nine months ended December 31, 2025, reached ₹13,821.25 millions, representing a significant increase from ₹9,933.92 millions in the corresponding period last year.

Consolidated Results Show Strong Performance

The consolidated financial results, which include the performance of subsidiaries and associates, demonstrated even stronger growth metrics. For Q3FY26, consolidated net profit reached ₹915.59 millions compared to ₹803.93 millions in Q3FY25.

For the nine months ended December 31, 2025, consolidated revenue from operations reached ₹15,546.52 millions, while net profit stood at ₹2,837.43 millions, representing substantial growth from the previous year.

IPO Proceeds Utilization and Corporate Developments

The company has been strategically utilizing its IPO proceeds raised through the listing on NSE and BSE on June 20, 2025. Out of the total net proceeds of ₹8,415.14 millions, the company has utilized ₹5,018.85 millions as of December 31, 2025.

The company has also implemented employee stock option plans, recognizing an expense of ₹4.38 millions for Q3FY26 related to ESOP grants. Additionally, the Board approved ESOP grants worth ₹3 millions to the President and Chief Operating Officer during the quarter.